We’ve partnered with elXtr, the digital legal solutions brand owned by LHS Solicitors, to bring you a free deed of assignment of tenancy template that you can download as a PDF or Word document.
Business lease assignment agreement template - free PDF or Word download
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Business lease assignment agreement template - free download
Transfer the ownership of a commercial tenancy with this handy template.
Why use an elXtr template?
elXtr is a digital legal platform aimed to empower landlords when it comes to the law. They create resources and guides to suit your needs, and we’re excited to partner with them to bring you quality legal documentation that’s relevant to you.
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What is a deed of assignment of tenancy?
A deed of assignment of tenancy, also known as a deed of assignment of business lease, is used to transfer the ownership of a commercial tenancy between separate parties.
If, for example, you have a year long lease on the business premises you’re renting but after six months you decide to move to a different building, it may sometimes be possible to use a deed of assignment of tenancy to name someone else as the tenant for the remainder of the term, subject to the terms of your lease.
If your lease does not mention a right to assign the lease, then you must seek the landlord’s written permission before assigning the lease to someone else, and for that you’ll need a licence to assign a lease.
A deed of assignment document usually acts as an agreement between you (the assignor) and the new tenant (the assignee) so that it’s clear who was in charge of the tenancy at which point.
There may also be other considerations when you are thinking of completing a deed of assignment, including tax liabilities or the landlord may ask you (as the outgoing tenant) to personally guarantee the liabilities of the new tenant under the lease.
What to include in a deed of assignment of tenancy
The template is fairly straightforward to complete, but keep in mind that it will be dependent on the content of your lease. As the assignor - the person giving up the tenancy - you’ll need to fill in your name and address, as well as the name and address of the assignee - the person taking on the lease.
You’ll also need to add in the address of the property to which the transfer applies, as well as details of the original lease, the premium, the cost of the rent and how often it should be paid. If there are any agreements, covenants or conditions then those must be included as well.
After all the information is filled in you’ll both need to sign the assignment in front of two witnesses, who will also need to sign it.
Using the elXtr deed of assignment of tenancy template
When you download the elXtr deed of assignment of business lease template you’ll see there are words in italics which you will need to replace with correct information. Additionally you can add in extra information, although if you want to make major amendments it is best to do so in consultation with legal counsel.
Lease assignment agreement template - free Word document for download
If you would like to make changes and don’t have Adobe Acrobat, you can also download our deed of assignment template in Word format.
The attached document has been produced by LHS so we can’t take responsibility for its contents. We’d recommend you take professional advice before making any important decisions based on its contents.